Global leaders
in the fight against
infectious diseases
Annual Report and Accounts
for the year ended 31 December 2021
Our purpose
We protect lives from invisible threats by providing actionable health information in the right place, at the right time.
Our vision
Global leaders in the fight against infectious diseases
What we do
Novacyt is a diagnostics solution provider, manufacturing diagnostic and pathogen testing kits based on molecular and protein technologies sold into human clinical, life science, food and industrial markets.
Novacyt’s Key Strengths
1
Clinical Diagnostics
Our goal is to improve patient pathways by providing clinical information at the right place at the right time. We do this by partnering with public and private laboratories as well as commercial partners to provide clinical diagnostic testing workflows, which includes qPCR instrumentation and high-quality reagents.
2
Life Sciences
We have passion for patient-centric solutions that advance the science behind diagnostics. This fuels our drive to deliver high-quality and reliable reagents and instruments for the Life Sciences market. We have a comprehensive range of qPCR assays with our instruments to enable personalised solutions customised to meet the needs of Life Sciences research across Food and Beverages, Animal Health, Human Pathogen, and many more other applications.
We have a dedicated technical and field support specialist team that provides round-the-clock support to our partners, ensuring optimum results.
3
Global First Responder
As a pioneer in clinical diagnostics, Novacyt has a proven history of responding quickly to changing global health needs and key outbreaks worldwide, including providing testing solutions for Zika, Swine Flu, and Ebola viruses. Solidifying this position, Novacyt was among the first to respond to the COVID-19 pandemic in 2020, providing a rapid and reliable gold standard SARS-CoV-2 test kit that the WHO approved.
Our streamlined research and development (R&D) pipelines and commitment to better innovate to meet patients’ needs have enabled us to respond quickly to global outbreaks, achieving accurate identification and detection with our proprietary molecular and protein detection technologies.
4
Instruments
As a global leader in qPCR innovation, we offer gold standard real-time PCR instrumentations. The genesig® and MyGo series of qPCR instruments empower our customers to take real-time PCR tests anywhere and everywhere they may need them.
Our qPCR instruments are designed to offer mobility, versatility, and speed to meet any testing needs. The capability to operate multiple units at once enables efficient and cost-saving operations.
5
Bioinformatics Surveillance
Global tracking of virus mutations enables our R&D to quickly develop tests to identify viruses and their mutations that could be detrimental to the healthcare system.
Currently, our in-house bioinformatics surveillance group has worked with a global network of virologists to track the SARS-CoV-2 variants to identify the mutations expected to pose the most significant challenges to healthcare and vaccine efficacy.
6
World-class R&D Team
We have deep scientific expertise in developing primers and probes within our R&D team. Our R&D strategy focuses on new product development and validation, advancing our proprietary technology platforms and manufacturing process improvement across Novacyt.
With an in-house clinical and validation team, our R&D can leverage insights and data to progress cutting-edge technology designs to meet the diagnostic needs of our customers and their patients.
Customer Testimonials
As soon as we started to see that there was a need for COVID-19 testing, we thought of Novacyt immediately. We wanted to collaborate as soon as we can as we have a long working relationship.
Novacyt were very good; they had one of the first recognised products on the market which is the genesig® COVID-19 1G. First validation with the assay was good, and we didn’t see any problem. It is a nice assay that you can run a variety of different ways and it works on open platforms.”
Tony Cooke, CEO @ Cambridge Clinical Labs
Our Strategy
Strategic pillars
Objectives
Build the base
Build a sustainable base business across in vitro diagnostics in human health, life sciences research portfolio serving veterinary, food, water and human health with integrated instrumentation to enable semi-automated, scalable, near patient testing
Maximise COVID portfolio internationally “NOW”
Develop innovative future “non-COVID menu” for underserved market segments
Prioritise key markets & define go-to market strategies
Develop integrated instrument strategy
Leverage life sciences legacy business
Build e-commerce capability
The innovation engine enabling “global first response”
Global first responder
Our base business with breadth and depth of portfolio acts as the innovation engine to enable Novacyt to respond rapidly to disease outbreaks and to also serve neglected diseases. With enhanced surveillance mechanism and our agility, Novacyt continues to be a global first responder
Global surveillance capability
Latent resource capacity
Install “COBRA-like” internal response team
Address customer complexity
Agile resource deployment
Appoint global scientific expert panel
Financial highlights
Revenue £'000
£95,780
Gross Margin £'000
£29,678
EBITDA £'000
£1,318
Net Debt £'000
£0
Cash balance £'000
£101,746
Operational highlights
-
Rapid development and launch of 15 new assays to support laboratories, clinicians, and private testing of COVID-19 since the beginning of 2021
-
Launch of VersaLab™ mobile processing laboratories and VersaLab™ Portable to expand near-patient testing opportunities in private sector testing
Inclusion in National Framework Agreement, resulting in a new £4.7m contract with the DHSC for the supply of PROmate® COVID-19 tests to the NHS
Secured new contracts with WHO and UNICEF for the supply of COVID-19 products
Growth of new markets for private testing, including travel, sport, film, media, and workplace settings
Financial highlights
Revenue £'000
£95,780
Gross Margin £'000
£29,678
EBITDA £'000
£1,318
Net Debt £'000
£0
Cash balance £'000
£101,746
Operational highlights
-
Rapid development and launch of 15 new assays to support laboratories, clinicians, and private testing of COVID-19 since the beginning of 2021
-
Launch of VersaLab™ mobile processing laboratories and VersaLab™ Portable to expand near-patient testing opportunities in private sector testing
Inclusion in National Framework Agreement, resulting in a new £4.7m contract with the DHSC for the supply of PROmate® COVID-19 tests to the NHS
Secured new contracts with WHO and UNICEF for the supply of COVID-19 products
Growth of new markets for private testing, including travel, sport, film, media, and workplace settings
James McCarthy
Chief Financial Officer
David Allmond
Chief Executive Officer
James Wakefield
Chairman